Commercial Real Estate Colliers North American Report

1. HIGHLIGHTS
NORTH AMERICA
WWW.COLLIERS.COM
Q1 2014 | OFFICE
MARKET INDICATORS
Relative to prior period
NORTH AMERICAN OFFICE MARKET
Summary Statistics, Q1 2014
US
Q1
2014
US
Q2
2014*
Canada
Q1
2014
Canada
Q2
2014*
VACANCY    
NET ABSORPTION    
CONSTRUCTION    
RENTAL RATE**    
*Projected | Construction is the change in Under Construction
**Rental rates for current quarter are for CBD. Rent forecast is
for metro-wide rents.
US CAN NA
VACANCY RATE (%) 13.90 8.05 13.49
Change From Q4 2013 (%) -0.11 0.19 -0.09
ABSORPTION (MSF) 13.2 0.3 13.5
NEW CONSTRUCTION (MSF) 15.6 2.0 17.6
UNDER CONSTRUCTION (MSF) 70.8 21.3 92.1
ASKING RENTS PER SF US CAN
Downtown Class A ($) 44.24 50.13
Change from Q4 2013 (%) 2.64 -0.46
Suburban Class A ($) 27.17 32.24
Change from Q4 2013 (%) 1.18 1.00
The Rise of the Sun Belt
ANDREA CROSS National Office Research Manager | USA
KEY TAKEAWAYS
• North American office vacancy decreased by 9 basis
points in Q1 2014 to 13.49%, on par with the rate of
recovery during the last few years. Steady job growth is
driving demand, but tenants’ more efficient use of space
is limiting occupancy gains relative to previous cycles.
• ICEE markets continue to lead office market recovery.
Vacancy in the primary ICEE markets decreased by 26
bps this quarter, vs. just 4 bps in the primary FIRE
markets.
• Sun Belt markets also are key drivers of the current
recovery. Despite accounting for only about 30% of
U.S. office inventory tracked by Colliers, the Sun Belt
represented nearly 60% of Q1 office absorption.
• Construction activity in the U.S. remains low and is
concentrated in markets with the strongest demand, e.g.,
Boston, San Francisco, Silicon Valley. Space under construction
in U.S. and Canadian markets tracked by Colliers totaled 92.1 million
square feet in Q1 2014, up from 88.2 million square feet in Q4 2013
and 74.4 million square feet in Q1 2013.
• Domestic and foreign capital continues to target North American office properties: According
to Real Capital Analytics, combined transaction volume in the U.S. and Canada increased by
36% year-over-year in Q1 2014. Demand is still strongest for assets in CBDs and major metros,
although we anticipate rising activity in suburban and secondary markets due to the broadening
economic and office market recoveries, and higher yields on properties in those areas.

2. P. 2 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
U.S. Economic Trends
The U.S. economy began 2014 on a weak note, with severe weather
conditions throughout much of the nation. The term “Frozenomics” was
coined to describe the resulting negative economic impact. At the time,
we believed the damage from Frozenomics was overblown and would be
short-lived, and our prediction has been borne out by recent economic
data. According to the Bureau of Labor Statistics (BLS), the U.S. economy
added 288,000 jobs in April 2014, the highest monthly total since Janu-
ary 2012; also, job creation figures for February and March were revised
upward by a total of 36,000. We regularly caution that BLS employment
statistics are revised multiple times—often substantially—but, in this case,
payroll processing firm ADP’s recent data on actual payroll statistics from
20% of the nation’s private-sector companies mirrors the BLS data. ADP
reported steady acceleration in monthly job creation in early 2014, from
121,000 jobs added in January to 220,000 jobs added in April, with the
four major geographical regions all exceeding their respective six-month
trailing monthly averages.
Looking specifically at office-using employment, the bifurcated recovery
continues, with strong growth in professional and business services pro-
pelling nearly all of the growth in office demand during the current re-
covery. Moreover, professional and business services growth accelerated
through early 2014, with 77,000 jobs created in April—the highest total
since late 2012, according to ADP data. Technology-related employment
was the primary driver of this growth earlier in the cycle, but other com-
CHANGE IN EMPLOYMENT FROM CYCLICAL PEAK | US
Total Employment Office-Using Employment Professional & Business Services Financial Activities
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
0 4 8 12 16 20 24 28 32 36 40 44
MONTHS
48 52 56 60 64 68 72 76 80 84 88
Latest data as of April 2014; x-axis indicates number of months elapsed since each sector’s previous
cyclical employment peak; office-using employment sectors include professional and business services,
financial activities and information services; information services not displayed separately because sector
peaked in 2001 | Sources: Bureau of Labor Statistics, Colliers International
ponents of this sector, such as legal and accounting, have been adding
jobs during the last 12 months, albeit at a modest pace. Recent data from
Thomson Reuters indicated an increase in law firm transaction activity
among 70% of the 150 large firms surveyed in Q1 2014, compared with
just 32% one year earlier—a positive sign for this important component
of office demand. Financial activities, the other primary component of
Square Feet By Region
Absorption Per Market (SF)
Q4 2013 - Q1 2014
2,000,000
1,000,000
200,000
-200,000
-1,000,000
-2,000,000
2 billion
1 billion
200 mil.
Occupied Sq. Ft.
Vacant Sq. Ft.
SUNBELT SUNBELT
SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT
SUNBELT
OFFICE VACANCY, INVENTORY AND ABSORPTION | Q1 2014 | NORTH AMERICA

3. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 3
office-using employment, remains weak, although the sector does appear
to have bottomed. Other than a decrease in January, the financial activi-
ties sector has not lost jobs on a monthly basis in more than three years,
according to ADP.
In 2014, we expect the U.S. economic recovery to occur at a similar rate
as in 2013, with steady but unspectacular job creation averaging less than
200,000 per month. However, the economy should gain steam as the
year progresses compared with the Frozenomics-driven weakness at the
beginning of the year. Given the second estimate of a 1.0% decline in GDP
in Q1 2014, we expect GDP growth of less than 2.0% during 1H 2014.
However, growth should accelerate during the year, supported by greater
business and consumer confidence, the carry-forward effect of purchas-
es delayed due to weather conditions earlier in the year, and incremental
improvements in state and local government finances. Thus, we expect
healthy 3.0% GDP growth in 2H 2014, resulting in annual GDP growth in
the 2.5%–2.75% range.
Canada Economic Trends
Like the U.S., Canada was not immune to the bad weather effect in Q1
2014. GDP expanded by 1.7%, well ahead of the U.S. rate, but still a slow-
down from 2.9% in Q4 2013. Similar to the U.S., we expect stronger GDP
growth through the rest of 2014 as the temporary negative effect of the
weather dissipates. For the year, the Canadian economy will likely mirror
the trend of the last few years, expanding at a modest rate. The Con-
ference Board of Canada projects 2.3% GDP growth, a slight increase
from 1.7% in 2013 and lower than our expectations for U.S. economic
growth. However, it is important to note that the Canadian economy ex-
perienced a shallower and shorter recession than the U.S., and several
years ago recovered all of the jobs lost during the downturn. Canada is in
the midst of a moderate expansionary period rather than the protracted
recovery occurring in the U.S. For 2014, the withdrawal of fiscal stimu-
lus measures implemented in response to the recession, coupled with
a cautious outlook among private sector firms, will likely prevent faster
economic growth in Canada. The Conference Board expects improved
private investment activity in 2014, but relatively low when compared
with historical levels.
Office Outlook 2014:
Behind the Statistics &
Beyond the Basics
Scope of Colliers’ Office Outlook Report: Colliers’ office space universe
encompasses 87 markets in the U.S. and Canada, totaling more than 6.4
billion square feet. The 75 U.S. markets account for nearly 6.0 billion
square feet of tracked inventory, with the remaining 446 million square
feet in Canada. Our coverage includes 21 markets with more than 100
million square feet of space, which combined account for 3.8 billion
square feet, or nearly 60% of our office market inventory. The largest
U.S. markets are New York, Washington, D.C., Chicago, Dallas and At-
lanta; Toronto is the only Canadian market with more than 100 million
square feet of space.
VACANCY
Vacancy rate trends in Q1 2014 mirrored those observed during the last
few years. The slow but steady economic recovery, coupled with low
levels of new supply, supported an 11 basis-point decrease in the U.S.
vacancy rate, to 13.9%. Once again, the Canadian vacancy rate increased
during the quarter as additional new supply came to market. Although
Canada’s vacancy rate rose above 8%, it remains well below the 10%
threshold reflective of a healthy market.
Intellectual capital, energy and education (ICEE) markets remain the lead-
ers in the office market recovery. The vacancy rate in the primary ICEE
markets decreased by 26 basis points during the quarter, compared with
just a 4 basis-point decrease in the vacancy rate of the primary FIRE
markets. ICEE markets still top the list of tightest markets, including Ba-
kersfield, Pittsburgh, Calgary and San Francisco. However, many mar-
kets without significant clusters of ICEE industries are improving as well,
mirroring the broader economic recovery. Grand Rapids, Hartford and
Downtown Manhattan were among the markets with the largest decrease
in vacancy rate. Albuquerque, a laggard in the current recovery due in
part to its dependence on federal government spending, also ranked high
in terms of quarterly vacancy rate decrease, as did former housing-bust
markets Fresno and Stockton.
We are also observing an increasing amount of tenant spillover from the
leading tech markets and submarkets, in which rents have increased
significantly in recent years, to adjacent, lower-cost areas with greater
availabilities. Northern California’s East Bay is finally experiencing some
tenant spillover from Silicon Valley and San Francisco, where rents have
skyrocketed and the number of large blocks of available space has di-
minished. Several tenants in the health care, non-profit and gourmet
food sectors left San Francisco recently for the lower rents and/or larger
spaces available in the East Bay; and both Oakland and Walnut Creek
14.95 14.78 14.73 14.63 14.49 14.45 14.15 14.00 13.90
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0
5.0
10.0
15.0
20.0
25.0
Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014
Vacancy%
Absorption MSF Completions MSF Vac Rate (%)
OFFICE MARKET | Q1 2012–Q1 2014 | US
Source: Colliers International

4. P. 4 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
posted vacancy rate decreases in Q1 2014. In Chicago, mobile market-
ing firm Punchkick Interactive will relocate from River North, one of the
metro area’s leading tech submarkets, to the nearby East Loop later this
year. With technology tenants driving up rents in the hottest tech markets,
we will likely see more tenant spillover into other submarkets by both tech
and non-tech tenants.
neighborhoods that historically were less desirable than core, central city
locations like San Francisco and Manhattan. Etsy, Inc. is expanding its
Brooklyn presence, moving its headquarters into 200,000 square feet in
the DUMBO neighborhood, and has plans to nearly double the size of its
workforce. Vibrant, walkable areas proximate to transit, in core markets
as well as in emerging neighborhoods and office markets, will benefit
from these trends.
With modest economic growth still occurring in Canada, the increase in
the vacancy rate in recent quarters was primarily the result of more ef-
ficient space utilization by tenants, as well as the large amount of new
supply coming to market. The demand drivers vary by metro area, but—
as in the U.S.—ICEE firms continue to boost demand for space in core
markets. In Calgary, for example, where nearly 70% of office construc-
tion in Canada was delivered in Q1 2014, demand from energy companies
seeking large blocks of space remains robust even though the vacancy
rate increased slightly during the quarter. In Vancouver, digital media and
technology firms remain active, as well as firms entering the Vancou-
ver market for the first time. Microsoft and Sony recently signed large
deals for high-quality space in downtown Vancouver. Overall, demand has
stagnated somewhat, but this is primarily due to tenants delaying leasing
decisions until the large amount of supply under construction starts to
hit the market. Some concern remains regarding the impact of this new
space on vacancy in Class B buildings and older Class A buildings.
ABSORPTION
Although a broader range of industries have been adding jobs in recent
quarters, the ICEE industries remain the dominant force in the office
market. Absorption in the main ICEE markets outpaced absorption in the
major FIRE markets by more than four to one in Q1 2014. Houston alone
accounted for more than one-quarter of the 8.6 million square feet of ab-
sorption in the ICEE markets, posting its highest quarterly absorption total
since Q2 2007. Energy companies continue to drive the Houston market,
accounting for nearly 80% of leasing activity in Q1 2014, as high oil prices
support the industry’s growth.
Houston,TX
New
York,NY
-M
idtow
n
South
Boston,M
A
Dallas,TX
Atlanta,GA
New
York,NY
-Dow
ntow
nBaltim
ore,M
D
Phoenix,AZ
M
inneapolis,M
N
New
Jersey
-Central
0.0
0.5
1.0
1.5
2.0
2.5 MSF
Source: Colliers International
TOP MARKETS FOR METRO OFFICE ABSORPTION | Q1 2014 | NA
MSA
VACANCY
RATE (%)
Q1 2014
VACANCY
RATE (%)
Q4 2013
BASIS-
POINT
CHANGE
Grand Rapids, MI 18.36 20.72 -236
Hartford, CT 12.82 14.49 -167
San Jose – Silicon Valley 10.81 12.44 -163
New York, NY –
Downtown Manhattan
14.43 15.55 -112
Ottawa, ON 9.70 10.73 -103
New York, NY –
Midtown South Manhattan
8.83 9.74 -91
Albuquerque, NM 18.42 19.28 -86
Fresno, CA 12.74 13.50 -76
Walnut Creek, CA 15.57 16.23 -65
Atlanta, GA 16.07 16.67 -59
NORTH AMERICA 13.49% 13.58% -9
LARGEST Q-o-Q DECREASE IN OVERALL VACANCY RATE | NA
Source: Colliers International
MARKET VACANCY (%) MARKET VACANCY (%)
Toronto, ON 5.92 Winnipeg, MB 8.46
Saskatoon, SK 6.22 Vancouver, BC 8.68
Montréal, QC 7.24 Calgary, AB 8.71
Bakersfield, CA 7.29
New York, NY –
Midtown South
8.83
Pittsburgh, PA 8.09 Nashville, TN 9.15
NORTH AMERICA: 13.49%
Source: Colliers International
LOWEST OVERALL VACANCY RATES | Q1 2014 | NA
Also expected to drive the spillover trend is the increased desirability of
residential neighborhoods in areas such as Oakland and Brooklyn. Many
companies are seeking to locate near where their employees want to
live, and many millennials have been priced out of, or prefer to live in,

5. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 5
North American Downtown Markets:
Excluding renewals, of the leases signed
this quarter in your CBD/downtown, did
most tenants...?
Hold Steady
70.13%
Expand
11.69%
Contract
11.69%
North American Downtown Markets:
What was the trend in Free Rent (in months)
offered by CBD landlords this quarter?
Same
81.16%
Less
13.04%
More
5.80%
North American Downtown Markets:
What was the trend for tenant improvement
allowances offered by CBD landlords this
quarter?
Same
81.16%
Less
11.59%
More
7.25%
North American Suburban Markets:
Excluding renewals, of the leases signed
this quarter in your suburban market, did
most tenants...?
Hold Steady
65.75%
Expand
26.03%
Contract
8.22%
Charts above reflect % of markets reporting
As the recovery progresses, shortages of space are emerging in certain submarkets, or for some
sizes or classes of space in metro areas that have been slow to recover overall. For example, in
Sacramento, which still has an 18+ percent vacancy rate, tenants leased half of the blocks of space
containing 100,000 square feet or more between mid-2013 and the end of Q1 2014, leaving few con-
tiguous options for large users. However, options for smaller and mid-sized users remain abundant.
Although the economy continues to improve, many companies remain highly cost-conscious, as re-
flected in their real estate decisions. We continue to see large companies dividing functions into mul-
tiple geographical locations in order to reduce operating expenses, affecting office market dynamics
across the United States. Within the financial services industry, many major banks have been moving
mid-level and back-office functions to lower-cost locations in the South and Midwest. As of April
2014, financial activities employment exceeded pre-recession peak levels in many metro areas within
these regions, even in hard-hit housing markets such as Jacksonville, due to financial companies in-
cluding Deutsche Bank, Goldman Sachs, Credit Suisse and BNY Mellon expanding operations. We are
seeing a similar trend in non-financial industries as well. For example, GE recently announced plans
to consolidate 1,400 employees, including human resources, IT, accounting and procurement profes-
sionals, into a new Global Operations Center in the Cincinnati area by 2017. Many of the employees
will come from outside of Cincinnati, and the facility eventually could house up to 2,000 employees
in total, resulting in substantial net job creation in the area from just this company. In KPMG’s most
recent Competitive Alternatives study, Cincinnati ranked second among large metro areas in terms
of business costs, and indeed we are seeing strong job creation in many of the markets at the top
of these rankings. We expect that low costs of doing business, coupled with aggressive company
recruitment through tax and other incentives by states such as Texas, will result in continued tenant
movement from higher-cost metros.
Consolidations and reconfigurations of space throughout the public and private sectors continue to
limit office absorption. The General Services Administration (GSA) remains among the most aggres-
sive in terms of downsizing, exemplified by its April renewal for 217,313 square feet in College Park,
GA, for the Federal Aviation Administration’s Southern Regional Office. The GSA plans to relocate an
additional 330 employees from another space at which its lease is expiring, bringing the College Park
location’s headcount from less than 700 to about 1,000. With a federal budget in place, the GSA is be-
ginning to deal with the backlog of expiring leases that built up during the last few years; one-quarter
of all federal leases are set to expire in 2014. However, the agency will continue to utilize denser
configurations and reduce its real estate footprint in order to cut real estate costs. Efficient buildings
capable of handling high employee densities are in demand, potentially at the expense of incumbent
buildings. The federal government is also looking to better utilize its real estate portfolio, moving
some employees out of leased space into owned space. For example, the Department of Veterans
Affairs recently announced plans to move 800 employees out of leased space in downtown St. Louis
into a GSA-owned building in suburban Overland, MO.
Private-sector firms are attempting to cut costs as well, through more efficient space utilization—
although the potential for this varies by industry and the individual tenant’s needs. Firms are using
technology to monitor desk utilization rates, with some reporting less than 50% of workspaces used
during business hours, indicating significant potential for increasing densities through the use of
shared spaces. Many firms are reporting a desire for shorter, more flexible lease terms in order to
respond to ever-changing technologies and uncertain business conditions.
CONSTRUCTION ACTIVITY
Construction trends reflect where the U.S. and Canada are respectively in the office market cycle.
Outside of the strongest metro areas and submarkets, construction activity remains low in the U.S.
due to more efficient tenant space usage, elevated vacancy rates and high construction costs. Can-
ada’s economic expansion, on the other hand, is driving a large amount of construction activity, and
new supply is just starting to hit the market in many metros.

6. P. 6 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
Although still low, development activity has been increasing, albeit slowly.
Square footage under construction in the U.S. and Canadian markets
tracked by Colliers totaled 92.1 million square feet in Q1 2014, up from
88.2 million square feet in Q4 2013 and 74.4 million square feet in Q1
2013. Driven by voracious demand from energy companies, Houston con-
tinues to lead the U.S. both in terms of square footage underway (1 5.1
MSF) and square footage underway as a percentage of existing inventory
(7.2%). Most of the other top U.S. markets for construction activity are
tech-driven, such as San Francisco, San Jose, Boston and Seattle. Like
the energy industry, tech tenant demand remains robust, with large ten-
ants pre-leasing significant amounts of space or entire buildings, prompt-
ing additional construction. Several of the largest deals in the San Fran-
cisco office market’s history were signed in buildings under construction
in recent months, including Salesforce.com’s lease for more than half of
the 1.4 million square feet of the tower anchoring the Transbay development
(now called the Salesforce Tower), and LinkedIn’s lease of the entire 26-floor,
450,000-square-foot tower under construction at 222 Second Street.
Toronto, Calgary and Vancouver are the most active development markets
in Canada, accounting for about 83% of office construction underway na-
tionwide. In Calgary, total square footage under development accounted
for more than 10% of existing inventory as of Q1 2014, the highest share
of any U.S. or Canadian market. Like Houston, developers have responded
to robust growth among Calgary energy firms, a trend that continued in
Q1 2014 with expansions by a number of companies including Athabasca
Oil Corp., Progress Energy, TransCanada Pipelines and Total Energy Ser-
vices. Higher anticipated natural gas prices and optimism regarding lique-
fied natural gas (LNG) projects and pipeline capacity are fueling construc-
tion activity and tenant demand.
The measured supply response, particularly in the U.S., should contribute
to a continued moderate office market recovery. Given high construction
costs and only moderate increases in tenant demand in most markets, we
expect development activity to remain low and targeted, with speculative
development focused on the strongest metro areas (e.g., San Francisco,
Boston) as well as the strongest submarkets within lagging metro areas
(e.g., West Los Angeles, Chandler, AZ).
The Rise of the Sun Belt
Looking at both economic and office market indicators, the resurgence of
the Sun Belt is evident. The region’s states and metropolitan areas pos-
sess unique characteristics, such as the robust energy sector in Texas,
strong technology clusters in Austin and North Carolina’s Research Tri-
angle, and the expanding health care industry in Nashville. However, a
common thread running through most of the region is a low cost of doing
business that is proving attractive to expanding or relocating companies in
a range of industries.
MSA
SQUARE FEET
UNDERWAY
% OF EXISTING
INVENTORY
Calgary, AB 6,678,741 10.08
Vancouver, BC 4,140,952 7.68
Houston, TX 15,052,344 7.17
San Francisco, CA 5,381,410 6.06
Halifax, NS 647,446 5.78
Toronto, ON 6,799,062 4.83
Regina, SK 200,000 4.53
Edmonton, AB 886,748 4.28
San Jose/Silicon Valley, CA 2,305,928 3.18
Seattle/Puget Sound, WA 3,436,907 3.06
NORTH AMERICA 92,063,015 1.43%
CONSTRUCTION AS % OF EXISTING INVENTORY | Q1 2014 | NA
NOTE: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International
Source: Colliers International
Houston,TXToronto,ON
Calgary,ABW
ashington,DC
San
Francisco,CA
Dallas,TXVancouver,BC
New
York,NY
-M
idtow
n
South
Boston,M
A
Seattle/PugetSound,W
A
0
2
4
6
8
10
12
14
16 MSF
NOTE: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International
Source: Colliers International
TOP MARKETS FOR OFFICE SPACE UNDER CONSTRUCTION | Q1 2014 | NA
CANADA COST INDEX
Montréal 92.0
Toronto 93.6
Vancouver 94.6
UNITED STATES COST INDEX
Atlanta 94.7
Cincinnati 94.9
Orlando 95.1
Charlotte 95.2
San Antonio 95.6
Tampa 95.8
Cleveland 96.3
U.S. BASELINE 100.0
LOWEST-COST CITIES WITH POPULATION > 2 MILLION | U.S. & CANADA
Source: 2014 KPMG Competitive Alternatives

7. P. 7 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
Office-using job growth is coming from a range of industries including
financial services, with many firms moving operations to or expanding
in lower-cost markets such as Jacksonville and Tampa. Charlotte also is
in the midst of a remarkable recovery: Its urban yet affordable lifestyle
appeals to millennial graduates of Southeastern universities, providing an
attractive talent base to companies in a variety of industries.
The strength in the Sun Belt’s job market is spreading to the office mar-
ket. Despite accounting for only 30% of U.S. office inventory tracked by
Colliers, the Sun Belt markets represented nearly 60% of office absorp-
tion during Q1 2014. Houston alone accounted for more than 17% of U.S.
absorption during the quarter, with continued robust growth in the energy
CANADA COST INDEX
Edmonton 94.0
UNITED STATES COST INDEX
New Orleans 94.1
Nashville 94.9
Oklahoma City 95.1
Raleigh 95.6
Memphis 95.8
Indianapolis 96.2
Salt Lake City 96.6
Austin 96.8
Buffalo 96.9
U.S. BASELINE 100.0
LOWEST-COST CITIES WITH POPULATION 1-2 MILLION | US & CANADA
Source: 2014 KPMG Competitive Alternatives
Examining office-using employment trends from multiple angles, Sun Belt
markets rank high. As noted in previous reports, ICEE markets Austin,
Raleigh, Houston and Dallas-Fort Worth, as well as health care center
Nashville, all rank among the top ten U.S. markets in terms of the per-
centage of office-using jobs recovered. In fact, all of these markets have
recovered more than twice the number of office-using jobs that they lost
during the recession. However, looking at markets with the strongest
year-over-year office-using job growth in April 2014, the list has broad-
ened beyond the leading markets to include many previously lagging met-
ropolitan areas. Among the top 20 markets for office-using job growth
in April are 12 Sun Belt metros, including hard-hit Florida markets Cape
Coral-Fort Myers, Jacksonville, Orlando, Tampa and West Palm Beach.
MSA
PERCENT
CHANGE
MSA
PERCENT
CHANGE
Reno 9.8 Orlando 4.5
Cape Coral-Fort Myers 8.9 San Jose/Silicon Valley 4.5
Raleigh 8.7 West Palm Beach 4.4
Savannah 7.4 Dallas-Fort Worth 4.0
Nashville 7.0 Harrisburg 3.9
Fresno 6.8 San Francisco 3.8
Austin 6.4 Greenville, SC 3.7
Holland, MI 6.1 Tampa-St. Petersburg 3.6
Jacksonville 4.9 Portsmouth 3.4
Indianapolis 4.9 Charlotte 3.4
UNITED STATES: 2.4%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
FASTEST OFFICE-USING EMPLOYMENT GROWTH | APRIL 2013-2014 | US
MSA
% OF
JOBS
RECOVERED
MSA
% OF
JOBS
RECOVERED
Ann Arbor 800.0 Pittsburgh 231.8
Midland, TX 400.0 Richmond 160.9
St. Louis 385.2 Trenton 137.5
Lincoln, NE 375.0 Phoenix 136.6
Nashville 355.6 Holland, MI 133.3
Dallas-Fort Worth 308.4 Grand Rapids, MI 122.7
Omaha 277.8 Jacksonville 106.6
Austin 234.5
UNITED STATES: 33.5%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
MARKETS WITH FINANCIAL ACTIVITIES EMPLOYMENT AT OR ABOVE
PRE-RECESSION PEAK | APRIL 2014 | US
MSA
PERCENT
RECOVERED
MSA
PERCENT
RECOVERED
Austin 472.5 Omaha 185.2
Fayetteville, AR 342.9 Grand Rapids 179.6
Raleigh 320.6 Trenton, NJ 176.2
Nashville 317.2 Indianapolis 173.9
Madison, WI 307.9 Columbus 162.8
Pittsburgh 256.6 Harrisburg 162.2
San Francisco 256.3 Baltimore 160.4
San Jose/Silicon Valley 229.2 Holland, MI 160.0
Houston 207.1 Denver 158.4
Dallas-Fort Worth 205.1 Greenville, SC 149.1
UNITED STATES: 112.7%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
TOP 20 MARKETS FOR OFFICE-USING JOBS RECOVERED SINCE
RECESSION | APRIL 2014 | US

8. P. 8 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
sector. Corporate relocations to the Dallas-Fort Worth region continue at
a brisk pace, highlighted this quarter by Toyota’s announcement that it
will move its long-time headquarters from Torrance, CA, to Plano. Toyota
has already leased 120,000 square feet of space in the region to house
workers during construction of its new one-million-square-foot campus.
The Toyota deal underscores the success that Texas, in particular—and
the Sun Belt generally—has had in attracting companies and its impact on
the office market. In another example of this trend, Prince Global Sports
recently announced that it will move its headquarters from New Jersey to
Atlanta’s Buckhead submarket.
The Sun Belt’s strength is unlikely to abate anytime soon, as increas-
ingly cost-conscious firms look for low-cost locations for expansion and
relocation. ICEE hubs like Austin and Raleigh-Durham will benefit from
knowledge industry growth. The Sun Belt also will benefit from the trend
of firms dividing functions across regions, with companies moving mid-
level and back-office functions to lower-cost areas. Finally, although the
Sun Belt has a more suburban profile compared with denser Northeast
and West Coast metros, many Sun Belt markets are investing in pub-
lic transit and mixed-use, walkable developments, which are particularly
popular among millennials. Examples include:
• Raleigh-Durham – Research Triangle Park (RTP): RTP recently
acquired 100 additional acres of adjacent land for the development of
up to three million square feet of higher-density development in this
suburban tech park in the Raleigh-Durham metro area, the first
mixed-use space at the 55-year-old park;
• Dallas-Fort Worth – City Line: The location of State Farm’s new
two-million-square-foot regional center in Richardson, TX, this $1.5
billion mixed-use project under development by KDC also will contain
two hotels, nearly 4,000 apartments, 300,000 square feet of retail
and entertainment space, three parks, pedestrian walkways, and open
space for concerts and other public gatherings;
• Atlanta – Ponce City Market: This high-profile renovation of the
Sears, Roebuck & Company building near Midtown and adjacent to the
Atlanta BeltLine will feature 475,000 of Class A, loft office space,
330,000 square feet of retail and restaurants, and 259 residential
units in a walkable, creative environment reminiscent of denser tech
hubs such as San Francisco;
• Orlando – SunRail and Bike Share: Several development and transit
projects more typical of denser urban areas are opening in Orlando.
On the heels of the May 2014 opening of SunRail, the region’s new
commuter rail system, SunCycles will begin offering rentable bicycles
throughout Orlando, including near SunRail stations. Also, several
transit-adjacent co-working facilities are in the works.
These types of mixed-use developments are well suited to the prefer-
ences of the millennials, who represent an increasing share of the U.S.
workforce as they enter the labor force and the baby boomers retire. The
millennial cohort could exceed 50% of the workforce by 2020 and reach
75% of the workforce by 2025. As more millennials start families in the
coming years, many Sun Belt markets will be well-positioned to offer a
variety of living and working environments, including affordable single-
family housing as well as the types of walkable, mixed-use developments
for which this cohort has demonstrated a preference.
Capital Markets &
Transaction Activity
The office investment market remained active through Q1 2014, particu-
larly in CBD markets and major metro areas. Capital from both domestic
and international sources for investment in U.S. real estate remains plen-
tiful, supporting price increases and transaction volume gains. Accord-
ing to Real Capital Analytics (RCA), total transaction volume in the U.S.
and Canada increased by 36% year-over-year in Q1 2014, and 12-month
trailing investment volume increased by 30%, reaching $114.9 billion, the
highest total since Q2 2008. Although investor interest is spreading be-
yond gateway cities and CBDs in search of higher yields, demand remains
robust in core markets. In the U.S., CBDs posted a much larger gain in
year-over-year transaction volume (60%) compared with suburban mar-
kets (10%), and investment volume increased the most in major metros,
followed by secondary and tertiary markets, respectively. Likewise, cap
rate compression was greatest in CBD markets and major metros.
12-Month Trailing Volume (left-axis) Year-Over-Year % Change (right-axis)12-Month Trailing Volume (left-axis) Year-Over-Year % Change (right-axis)
-100%
-50%
0%
50%
100%
150%
200%
2007 2008 2009 2010 2011 2012 2013 2014
0
50
100
150
200
250
300
Bil.
OFFICE TRANSACTION VOLUME | Q1 2014 | NA
NOTE: Latest data as of Q1 2014; all data are 12-month trailing.
Source: Real Capital Analytics
Nonetheless, investors are responding to broader improvement in job
growth and office absorption by moving into secondary submarkets and
metropolitan areas, a trend that we expect to continue with the ongoing
recovery. Also, investors are anticipating future demand growth in sub-
markets proximate to core tech submarkets. For example, despite hav-
ing an elevated vacancy rate, the El Segundo submarket in Los Angeles’s
South Bay has attracted much investor attention in anticipation of greater
tenant spillover demand from tech-driven, high-rent West Los Angeles,
similar to what occurred during the last business cycle. DivcoWest, Grif-
fin Capital and Montana Avenue Capital, among others, purchased El Se-
gundo office properties in early 2014, and many investors continue to
circle the market for acquisition and redevelopment opportunities. Given
expected increases in interest rates, coupled with broadening economic
and office market improvements, we anticipate secondary and tertiary
markets, suburban markets and spillover ICEE submarkets to benefit from
growing investor demand.

9. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 9
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 28,919,710 0 45,000 12.81 -315,134
Boston, MA 62,623,701 1,050,000 1,895,940 12.02 825,333
Hartford, CT 9,971,800 0 0 12.53 112,094
New York, NY – Downtown Manhattan 110,938,458 2,861,402 2,800,000 14.43 1,246,463
New York, NY – Midtown Manhattan 230,068,701 0 0 11.78 -1,270,068
New York, NY – Midtown South Manhattan 162,245,367 894,672 3,600,000 8.83 1,468,753
Philadelphia, PA 42,994,756 0 0 11.05 189,330
Pittsburgh, PA* 32,099,033 0 800,000 10.51 -100,993
Stamford, CT 18,708,865 0 0 20.74 152,473
Washington, DC 144,299,812 575,941 1,673,266 10.40 202,047
White Plains, NY 7,687,431 0 0 14.78 -16,011
Northeast Total 850,557,634 5,382,015 10,814,206 11.53 2,494,287
SOUTH
Atlanta, GA 50,122,707 0 487,034 16.21 277,375
Birmingham, AL 4,985,532 0 0 20.43 453,256
Charleston, SC 2,252,548 0 21,000 9.41 -5,279
Charlotte, NC 22,451,530 0 0 9.39 5,291
Columbia, SC 4,678,427 0 0 12.11 -50,399
Dallas, TX 33,948,045 0 450,000 26.33 112,274
Ft. Lauderdale-Broward, FL 8,130,042 0 0 12.81 60,392
Ft. Worth, TX 10,147,172 0 75,971 15.77 136,152
Greenville, SC 3,293,679 0 85,000 17.87 -9,299
Houston, TX 42,998,330 0 1,050,000 12.39 3,959
Jacksonville, FL 15,572,544 0 0 13.24 14,964
Little Rock, AR 6,477,052 0 0 10.79 -6,365
Louisville, KY 43,267,691 299,483 0 10.94 298,773
Memphis, TN 5,954,989 0 0 18.69 32,512
Miami-Dade, FL 18,575,117 0 128,580 17.31 26,614
Nashville, TN 13,176,826 0 0 12.74 -18,282
Orlando, FL 12,174,413 0 0 12.60 -52,169
Raleigh/Durham/Chapel Hill, NC 14,368,557 388,279 242,969 6.01 262,929
Richmond, VA 16,718,420 106,662 321,500 10.52 88,034
Savannah, GA 803,516 0 0 14.06 -1,236
Tampa Bay, FL 6,779,680 0 0 15.13 18,479
West Palm Beach/Palm Beach County, FL 9,916,338 0 0 15.43 -1,644
South Total 346,793,155 794,424 2,862,054 14.38 1,646,331
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

10. P. 10 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 158,505,062 0 1,067,400 12.81 -174,544
Cincinnati, OH 18,989,060 0 0 15.13 -18,029
Cleveland, OH 38,028,983 0 0 16.91 -6,541
Columbus, OH 19,452,521 0 490,000 10.96 54,366
Detroit, MI** 25,827,606 0 0 18.38 86,293
Grand Rapids, MI 5,454,500 0 0 17.43 22,655
Indianapolis, IN 22,548,402 0 0 9.49 -67,488
Kansas City, MO 34,862,105 0 0 14.16 91,465
Milwaukee, WI 19,053,201 0 73,100 12.02 148,454
Minneapolis, MN 31,700,971 0 0 13.44 -154,085
Omaha, NE 6,450,653 0 0 7.17 -21,322
St. Louis, MO 23,216,158 0 0 20.37 -526,476
St. Paul, MN 11,730,218 0 0 14.08 -76,515
Midwest Total 415,819,440 0 1,630,500 13.93 -641,767
WEST
Albuquerque, NM 3,191,080 0 0 27.73 17,305
Bakersfield, CA 3,230,466 0 72,233 8.72 -8,212
Boise, ID 4,177,362 252,347 234,687 8.30 6,452
Denver, CO 34,236,601 0 963,676 11.91 101,481
Fresno, CA 3,288,944 0 0 10.83 -42,447
Honolulu, HI 7,164,686 0 0 14.36 -49,832
Las Vegas, NV 4,907,615 49,200 129,000 12.15 98,220
Los Angeles, CA 32,566,100 0 508,200 20.14 -137,400
Oakland, CA 17,255,313 363,800 0 11.49 11,114
Phoenix, AZ 20,351,253 155,000 0 21.73 95,678
Portland, OR* 35,076,079 0 343,000 9.59 -61,426
Reno, NV 3,294,386 0 0 15.14 -23,604
Sacramento, CA 13,570,765 0 0 15.49 49,426
San Diego, CA 10,172,525 0 320,000 19.36 -99,066
San Francisco, CA 88,787,552 768,412 5,381,410 9.45 345,638
San Jose/Silicon Valley, CA 8,058,857 0 0 18.16 33,217
Seattle/Puget Sound, WA 55,560,625 36,600 3,246,507 11.10 243,554
Stockton, CA 8,221,819 0 0 15.87 25,078
Walnut Creek, CA 12,462,061 0 0 15.26 75,749
West Total 365,574,089 1,625,359 11,198,713 13.05 680,925
U.S. TOTAL/AVERAGE 1,978,744,318 7,801,798 26,505,473 12.81 4,179,776
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

11. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 11
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT(%)
NORTHEAST
Baltimore, MD 12,805,993 22.50 209,387 4.7 -6.5
Boston, MA 42,973,537 50.15 739,540 1.2 7.2
Hartford, CT 6,771,455 22.58 73,998 16.2 -0.9
New York, NY – Downtown Manhattan 80,463,304 52.40 981,727 1.5 11.4
New York, NY – Midtown Manhattan 197,217,338 75.02 -1,128,557 5.3 12.8
New York, NY – Midtown South Manhattan 34,311,898 65.88 987,468 2.1 10.7
Philadelphia, PA 30,481,277 27.50 150,186 1.7 2.2
Pittsburgh, PA* 18,513,625 25.07 -119,853 5.3 6.6
Stamford, CT 13,339,184 38.10 65,472 -0.5 -0.5
Washington, DC 89,201,106 52.89 455,534 0.1 -2.6
White Plains, NY 4,887,012 31.62 -17,147 -1.5 0.0
Northeast Total 530,965,729 57.54 2,397,755 3.2 8.3
SOUTH
Atlanta, GA 30,396,533 21.66 206,701 -1.3 -5.0
Birmingham, AL 4,029,421 21.06 459,144 0.5 0.0
Charleston, SC 1,009,994 33.28 299 -1.5 4.0
Charlotte, NC 15,949,770 25.18 32,240 0.0 1.1
Columbia, SC 2,131,068 20.60 -51,906 -0.7 1.6
Dallas, TX 22,659,842 22.80 73,899 -1.3 5.3
Ft. Lauderdale-Broward, FL 4,494,426 33.00 33,142 3.0 4.5
Ft. Worth, TX 5,830,792 28.90 15,930 -1.0 0.3
Greenville, SC 2,021,715 20.88 6,333 2.8 5.7
Houston, TX 30,046,293 38.80 -37,190 1.1 4.5
Jacksonville, FL 6,846,824 19.93 -214,872 0.5 1.9
Little Rock, AR 2,635,440 16.57 3,874 0.0 1.6
Louisville, KY 10,579,669 19.75 250,378 -2.0 -1.8
Memphis, TN 2,009,825 17.10 10,800 -2.6 -1.1
Miami-Dade, FL 9,758,448 39.76 42,669 -1.2 -0.8
Nashville, TN 4,058,652 23.40 258 1.8 8.4
Orlando, FL 5,776,557 25.16 -47,611 2.4 3.7
Raleigh/Durham/Chapel Hill, NC 7,008,939 24.89 17,517 3.7 3.7
Richmond, VA 6,355,704 24.83 8,638 0.6 4.7
Savannah, GA 645,713 20.91 -3,478 2.0 1.6
Tampa Bay, FL 4,999,570 23.79 12,183 2.1 4.3
West Palm Beach/Palm Beach County, FL 3,211,645 36.07 10,751 3.3 2.8
South Total 182,456,840 26.83 829,699 0.1 1.6
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

12. P. 12 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT(%)
MIDWEST
Chicago, IL 61,063,550 37.78 -189,234 0.0 1.2
Cincinnati, OH 8,359,432 22.37 35,095 0.6 2.9
Cleveland, OH 10,828,360 21.24 -15,792 2.5 -2.7
Columbus, OH 8,377,149 19.80 43,970 0.7 2.8
Detroit, MI** 8,175,021 22.74 8,333 -0.9 -0.3
Grand Rapids, MI 1,463,659 18.90 17,645 -0.6 -2.3
Indianapolis, IN 9,501,787 18.95 -52,668 0.0 0.1
Kansas City, MO 10,514,030 18.93 -8,332 0.4 0.1
Milwaukee, WI 5,106,083 19.71 5,931 -2.7 -3.2
Minneapolis, MN 13,618,828 16.73 -153,161 0.7 -0.6
Omaha, NE 3,549,103 20.25 28,055 0.0 0.6
St. Louis, MO 9,558,798 18.09 -536,227 0.4 -0.2
St. Paul, MN 2,773,960 14.45 -82,402 0.7 8.2
Midwest Total 152,889,760 26.79 -898,787 0.4 0.8
WEST
Albuquerque, NM 575,047 20.14 0 1.5 1.9
Bakersfield, CA 729,040 17.40 -11,506 0.0 0.0
Boise, ID 1,895,059 19.22 37,890 -0.8 -1.1
Denver, CO 21,306,446 32.24 82,683 0.4 4.7
Fresno, CA 1,026,046 24.60 -22,921 0.0 2.5
Honolulu, HI 4,966,720 35.52 -64,291 -0.3 1.7
Las Vegas, NV 1,103,341 31.56 4,106 -4.0 1.9
Los Angeles, CA 18,098,100 37.32 -53,000 1.3 3.0
Oakland, CA 10,562,045 33.96 -41,698 3.7 10.5
Phoenix, AZ 9,473,518 22.90 52,232 -0.2 0.7
Portland, OR* 13,101,110 25.92 -75,177 1.7 -0.8
Reno, NV 583,955 23.60 -3,272 -1.9 -1.0
Sacramento, CA 5,945,146 31.32 18,734 -1.1 -2.6
San Diego, CA 7,257,266 29.04 -107,547 2.1 2.5
San Francisco, CA 57,113,693 55.33 282,796 5.7 15.9
San Jose/Silicon Valley, CA 3,493,453 33.96 1,800 2.2 6.8
Seattle/Puget Sound, WA 32,199,750 33.79 202,236 3.3 7.1
Stockton, CA 2,790,574 20.04 18,572 1.2 1.2
Walnut Creek, CA 7,271,861 27.84 41,552 0.4 1.8
West Total 199,492,170 38.15 363,189 3.3 8.8
U.S. TOTAL/AVERAGE 1,065,804,499 44.24 2,691,856 2.6 7.1
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

13. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 13
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 88,313,969 733,400 0 12.78 12.24 1,117,891
Boston, MA 112,558,294 0 1,621,398 18.54 18.06 465,723
Fairfield County, CT 41,029,234 0 0 13.83 13.88 -21,780
Hartford, CT 12,784,662 0 0 15.14 13.04 268,458
Long Island, NY* 74,441,967 17,500 83,799 10.37 10.18 59,574
New Jersey – Central 131,315,428 20,525 0 16.12 15.66 630,497
New Jersey – Northern 163,629,090 40,018 0 15.52 15.73 -227,866
Philadelphia, PA 110,589,759 409,768 444,838 15.07 15.25 154,339
Pittsburgh, PA* 89,949,523 72,758 1,358,555 7.47 7.23 313,974
Washington, DC 288,069,589 40,000 4,417,114 16.50 16.85 -992,938
Westchester County, NY 37,475,453 0 382,000 13.07 13.30 441,600
Northeast Total 1,150,156,968 1,333,969 8,307,704 14.77 14.72 2,209,472
SOUTH
Atlanta, GA 171,846,820 0 1,138,554 16.64 16.03 973,919
Birmingham, AL 14,683,132 0 0 14.15 15.02 -128,147
Charleston, SC 9,818,033 114,880 215,000 11.58 11.51 91,032
Charlotte, NC 62,212,257 135,735 284,876 12.41 12.30 166,905
Columbia, SC 4,966,961 0 0 23.69 22.62 52,966
Dallas, TX 240,233,017 321,680 4,699,879 14.91 14.55 1,150,240
Ft. Lauderdale-Broward, FL 42,915,729 0 320,000 14.29 14.50 -89,802
Ft. Worth, TX 20,935,696 0 760,935 10.56 10.47 20,007
Greenville, SC 4,896,690 0 0 18.87 19.60 -35,824
Houston, TX 167,004,638 2,203,414 14,002,344 12.14 11.94 2,270,623
Jacksonville, FL 46,157,943 12,151 219,488 12.43 11.75 315,140
Little Rock, AR 7,521,709 0 0 13.33 12.59 29,076
Memphis, TN 27,125,867 0 241,000 15.03 14.65 123,510
Miami-Dade, FL 65,856,673 0 173,537 11.37 11.18 196,117
Nashville, TN 14,982,680 239,000 731,000 4.65 6.00 25,340
Orlando, FL 54,412,681 86,581 185,428 13.54 13.65 16,518
Raleigh/Durham/Chapel Hill, NC 64,739,388 58,072 1,248,552 13.04 13.00 -8,699
Richmond, VA 34,701,543 15,000 43,000 10.02 10.35 -100,598
Savannah, GA 1,461,838 0 0 19.29 19.88 -8,571
Tampa Bay, FL 57,275,381 0 18,000 17.91 17.66 142,244
West Palm Beach/Palm Beach County, FL 28,494,121 30,000 133,586 18.11 17.66 168,999
South Total 1,142,242,797 3,216,513 24,415,179 14.02 13.78 5,370,995
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

14. P. 14 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 155,400,746 0 0 16.56 17.00 -674,174
Cincinnati, OH 46,444,317 0 1,000,000 16.13 15.80 153,274
Cleveland, OH 42,798,934 0 217,474 11.14 11.25 -49,060
Columbus, OH 44,027,261 0 396,840 10.57 10.46 47,848
Detroit, MI** 137,895,919 27,666 66,820 18.66 18.22 -877,682
Grand Rapids, MI 12,439,041 0 104,528 21.60 18.77 964
Indianapolis, IN 43,264,183 0 132,991 9.62 9.70 -34,048
Kansas City, MO 58,155,167 0 769,000 11.79 11.50 167,522
Milwaukee, WI 33,235,130 0 160,000 12.73 12.43 98,165
Minneapolis, MN 79,185,563 598,400 870,900 13.85 13.49 802,423
Omaha, NE 21,146,090 112,000 166,189 11.22 10.42 236,488
St. Louis, MO 55,394,777 183,000 435,000 9.04 9.56 -88,297
Midwest Total 729,387,128 921,066 4,319,742 14.35 14.23 -216,577
WEST
Albuquerque, NM 10,877,999 0 0 16.27 15.69 63,242
Bakersfield, CA 6,070,404 8,984 77,984 7.11 6.53 43,325
Boise, ID 17,154,856 0 137,561 10.19 12.42 -247,813
Denver, CO 106,095,670 621,035 709,757 13.05 13.04 304,644
Fairfield, CA 5,008,186 0 30,000 20.40 20.91 -25,659
Fresno, CA 17,562,156 20,000 0 14.08 13.10 189,879
Honolulu, HI 7,730,394 0 0 10.90 11.85 -14,701
Las Vegas, NV 36,591,706 47,000 468,000 22.58 22.41 96,786
Los Angeles, CA 167,879,800 152,300 1,588,000 17.82 17.64 364,700
Los Angeles – Inland Empire, CA 20,588,091 94,891 58,000 19.14 18.90 112,500
Oakland, CA 16,271,372 106,221 0 19.72 19.99 -64,320
Orange County, CA 81,034,800 0 860,000 14.99 15.67 -584,100
Phoenix, AZ 111,009,754 117,710 0 18.84 18.31 677,939
Pleasanton/Tri-Valley, CA 27,748,942 0 0 11.84 12.81 -299,353
Portland, OR* 43,336,020 0 50,644 9.95 9.97 -8,127
Reno, NV 9,625,581 0 0 14.00 14.20 -18,625
Sacramento, CA 52,144,531 68,417 77,000 19.13 18.91 141,121
San Diego, CA 72,053,974 541,135 464,917 13.13 12.81 698,502
San Francisco Peninsula 35,178,978 67,098 216,000 11.37 11.28 -14,561
San Jose/Silicon Valley, CA 64,342,407 465,283 2,305,928 11.40 9.89 261,433
Seattle/Puget Sound, WA 56,697,125 0 190,400 10.09 10.31 -80,643
Walnut Creek, CA 5,513,617 0 0 17.03 16.27 41,687
West Total 970,516,363 2,310,074 7,234,191 15.17 15.01 1,637,856
U.S. TOTAL/AVERAGE 3,992,303,256 7,781,622 44,276,816 14.57 14.43 9,001,746
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

15. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 15
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 32,057,456 24.00 14.31 13.25 -3.5 -4.0 877,044
Boston, MA 48,167,313 25.95 16.61 16.52 1.8 2.7 93,065
Fairfield County, CT 17,951,999 39.02 12.90 11.74 0.1 4.8 -74,311
Hartford, CT 7,123,495 21.37 14.95 12.82 0.0 4.7 151,908
Long Island, NY* 25,283,739 30.38 10.43 9.98 0.3 -0.3 -8,666
New Jersey – Central 61,295,100 25.73 16.39 15.42 0.6 -2.7 594,718
New Jersey – Northern 87,786,735 27.94 17.49 18.04 3.7 5.5 -448,224
Philadelphia, PA 67,413,158 25.43 13.59 13.55 1.0 2.6 382,819
Pittsburgh, PA* 16,646,383 21.85 6.16 5.59 -1.6 -0.5 126,967
Washington, DC 137,649,927 32.50 16.49 17.16 0.0 -1.2 -880,154
Westchester County, NY 17,570,629 27.38 15.75 15.60 1.7 2.9 529,976
Northeast Total 518,945,934 28.33 15.37 15.31 0.8 0.9 1,345,142
SOUTH
Atlanta, GA 81,389,815 22.68 14.57 14.09 0.7 2.3 397,015
Birmingham, AL 9,276,993 20.69 10.67 11.88 0.0 -0.7 -112,014
Charleston, SC 3,689,350 24.41 6.36 6.04 2.3 -0.2 54,717
Charlotte, NC 20,105,237 23.16 13.81 13.89 0.9 1.6 -16,697
Columbia, SC 1,001,769 17.12 17.46 18.42 0.2 4.1 -9,607
Dallas, TX 96,558,826 24.70 13.77 13.30 2.9 6.5 622,193
Ft. Lauderdale-Broward, FL 10,570,258 27.18 16.57 14.79 0.1 -0.7 188,660
Ft. Worth, TX 3,462,446 24.95 1.75 1.55 0.2 1.8 7,040
Greenville, SC 2,458,553 19.09 13.54 14.46 4.7 7.2 -22,758
Houston, TX 73,524,938 31.83 9.10 8.48 4.9 7.8 2,148,853
Jacksonville, FL 9,183,187 19.46 9.90 9.31 -2.7 -1.6 53,959
Little Rock, AR 2,842,952 18.45 18.26 17.26 1.2 -4.1 19,425
Memphis, TN 8,135,106 21.02 8.19 8.01 -0.8 0.2 15,041
Miami-Dade, FL 16,163,894 32.51 15.53 15.20 0.8 1.9 53,384
Nashville, TN 7,539,146 25.00 3.26 6.75 1.8 4.6 -21,207
Orlando, FL 16,829,913 21.17 16.71 17.05 -0.1 1.5 -56,721
Raleigh/Durham/Chapel Hill, NC 25,186,477 21.31 11.64 11.64 1.0 4.4 666
Richmond, VA 13,775,329 17.91 8.69 9.55 -0.8 -0.7 -118,929
Savannah, GA 490,035 23.33 15.89 15.96 6.2 3.2 -320
Tampa Bay, FL 18,368,902 23.50 17.22 17.19 0.3 1.9 4,193
West Palm Beach/Palm Beach County, FL 9,008,923 31.39 17.79 18.32 2.5 4.3 -47,311
South Total 429,562,049 25.00 12.78 12.52 2.1 4.4 3,159,582
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

16. P. 16 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 77,370,162 27.32 17.33 18.44 -0.4 0.2 -854,605
Cincinnati, OH 18,130,644 19.61 17.96 17.79 2.5 -2.0 30,960
Cleveland, OH 9,063,399 21.34 12.29 11.75 0.6 -0.1 48,422
Columbus, OH 18,337,079 19.31 9.33 9.00 -0.4 0.7 60,883
Detroit, MI** 34,571,052 20.16 16.43 15.30 4.2 -1.8 850,872
Grand Rapids, MI 796,522 17.50 26.07 17.14 0.0 0.0 8,139
Indianapolis, IN 12,456,333 18.45 12.64 12.52 0.5 1.1 15,123
Kansas City, MO 16,231,344 20.54 10.80 11.09 -0.5 0.7 -47,088
Milwaukee, WI 6,116,590 19.45 12.65 11.05 -4.4 -5.4 97,491
Minneapolis, MN 26,701,091 14.23 16.95 15.92 2.2 3.1 780,200
Omaha, NE 5,056,660 25.49 3.74 2.87 2.8 -2.9 131,081
St. Louis, MO 26,374,431 21.85 8.81 9.15 -0.7 -1.6 72,637
Midwest Total 251,205,307 21.87 14.52 14.52 0.4 -0.4 1,194,115
WEST
Albuquerque, NM 811,008 22.10 6.40 4.31 5.5 6.0 16,981
Bakersfield, CA 2,776,404 24.00 5.84 5.84 0.0 0.0 -191
Boise, ID 5,826,036 15.51 14.71 15.38 0.9 8.5 -39,131
Denver, CO 34,959,680 25.12 11.24 12.17 1.9 4.4 -22,087
Fairfield, CA 1,927,371 26.26 20.65 21.10 1.9 1.8 -8,681
Fresno, CA 3,973,324 25.80 18.51 16.99 0.0 2.4 14,450
Las Vegas, NV 4,849,993 29.76 33.46 33.45 0.4 0.8 328
Los Angeles, CA 102,218,200 35.04 16.72 16.37 0.0 2.8 365,600
Los Angeles – Inland Empire, CA 4,999,200 25.44 21.07 21.01 2.4 5.5 63,200
Oakland, CA 3,682,927 29.64 22.39 23.83 7.4 8.3 -11,269
Orange County, CA 32,704,300 26.40 15.20 16.21 1.4 2.8 -330,100
Phoenix, AZ 30,714,482 24.05 18.47 17.56 1.2 3.1 278,628
Pleasanton/Tri-Valley, CA 15,526,039 28.92 9.81 10.07 3.0 10.0 -70,476
Portland, OR* 11,003,028 23.50 11.58 11.62 -0.3 0.3 -4,046
Reno, NV 912,364 20.79 15.93 14.93 0.8 9.0 9,129
Sacramento, CA 14,682,299 22.32 17.78 17.39 0.5 1.1 56,858
San Diego, CA 24,414,511 35.28 12.16 12.38 3.2 4.6 422,616
San Francisco Peninsula 22,523,111 43.68 11.07 10.33 1.1 3.1 141,107
San Jose/Silicon Valley, CA 33,287,282 42.72 13.74 12.45 -1.7 9.2 284,624
Seattle/Puget Sound, WA 20,754,950 33.14 9.27 9.42 0.9 -0.5 -42,629
Walnut Creek, CA 737,964 28.68 18.18 19.13 0.0 4.7 -6,979
West Total 373,284,473 31.61 14.77 14.61 1.1 4.2 1,117,932
U.S. TOTAL/AVERAGE 1,572,997,763 27.17 14.38 14.26 1.2 2.5 6,816,771
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

17. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 17
CANADA | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
Calgary, AB 40,447,480 841,064 4,200,000 8.13 429,195
Edmonton, AB 11,332,244 0 629,348 8.91 13,035
Halifax, NS* 4,679,727 0 475,900 11.46 0
Montréal, QC 49,331,103 0 870,892 5.14 93,499
Ottawa, ON** 15,995,156 0 0 8.78 370,338
Regina, SK 3,739,664 0 160,000 10.95 0
Saskatoon, SK 2,402,872 13,000 0 6.22 -3,566
Toronto, ON 70,532,020 0 5,190,400 3.78 227,482
Vancouver, BC 24,474,251 45,770 2,150,490 5.56 -50,863
Victoria, BC* 4,902,931 0 29,000 8.69 0
Waterloo Region, ON 3,912,918 0 0 12.93 -23,312
Winnipeg, MB* 11,365,771 0 130,375 8.43 0
CANADA TOTAL 243,116,137 899,834 13,836,405 6.28 1,055,808
CANADA | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(CAD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
Calgary, AB 27,568,453 58.00 486,154 0.0 -2.6
Edmonton, AB 6,690,855 22.00 27,965 -4.3 -47.2
Halifax, NS* 1,934,103 32.58 0 0.0 0.2
Montréal, QC 22,794,332 45.00 -5,008 0.0 0.0
Ottawa, ON** 10,004,044 45.54 271,708 -1.2 -7.3
Regina, SK 1,392,816 44.00 0 0.0 4.8
Saskatoon, SK 570,571 43.00 0 0.0 7.5
Toronto, ON 41,006,585 56.17 126,878 -1.1 7.2
Vancouver, BC 10,094,997 52.53 -15,406 0.0 -4.5
Victoria, BC* 513,808 34.00 0 0.0 -2.9
Waterloo Region, ON 1,561,288 24.10 1,906 -4.9 -7.4
Winnipeg, MB* 2,619,428 33.75 0 0.0 0.7
CANADA TOTAL 126,751,280 50.13 894,197 -0.5 -0.7
*Halifax, Victoria and Winnipeg report semi-annually. Q4 data displayed.
**Ottawa data is from Q1 2013.

18. P. 18 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
CANADA | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
Calgary, AB 25,818,920 534,606 2,478,741 9.49 9.62 153,225
Edmonton, AB 9,365,692 100,000 257,400 11.08 12.37 4,152
Halifax, NS* 6,522,447 0 171,546 10.68 10.68 0
Montréal, QC 25,078,227 70,908 484,970 10.99 11.38 -34,017
Ottawa, ON** 21,083,170 0 0 10.45 10.39 14,575
Regina, SK 675,313 0 40,000 3.26 3.26 0
Toronto, ON 70,367,959 353,768 1,608,662 8.15 8.05 -7,806
Vancouver, BC 29,429,814 60,000 1,990,462 10.38 11.27 -140,171
Victoria, BC* 3,717,151 0 99,600 9.87 9.87 0
Waterloo Region, ON 7,499,773 0 242,940 12.48 21.55 -702,924
Winnipeg, MB* 3,386,471 0 70,000 8.54 8.54 0
CANADA TOTAL 202,944,937 1,119,282 7,444,321 9.64 10.18 -712,966
CANADA | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL QUOTED
RENT
(CAD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
Calgary, AB 12,727,120 43.00 9.49 8.44 -2.3 -2.3 201,410
Halifax, NS* 2,852,545 28.50 8.70 8.70 0.0 0.5 0
Montréal, QC 13,904,646 29.00 9.56 10.02 3.6 7.4 -880
Ottawa, ON** 12,037,326 29.39 10.46 10.45 -0.4 -3.9 2,255
Toronto, ON 32,225,597 31.17 9.37 9.07 1.8 1.3 52,147
Vancouver, BC 14,776,892 33.43 11.30 12.06 2.3 -1.7 -59,165
Victoria, BC* 808,145 40.00 16.53 16.53 0.0 5.3 0
Waterloo Region, ON 3,735,759 22.41 12.87 15.18 0.9 -7.4 -86,371
CANADA TOTAL 93,068,030 32.24 10.05 10.08 1.0 0.1 109,396
*Halifax, Victoria and Winnipeg report semi-annually. Q4 data displayed. | **Ottawa data is from Q1 2013.
0.0
0.0
0.0
0.1
0.2
0.5
0.6
0.9
2.2
4.2
5.2
0.0 1.0 2.0 3.0 4.0 5.0 6.0
Saskatoon, SK
Waterloo Region, ON
Victoria, BC*
Winnipeg, MB
Regina, SK
Halifax, NS*
Edmonton, AB
Montréal, QC
Vancouver, BC
Calgary, AB
Toronto, ON
SF (Millions)
CBD OFFICE UNDER CONSTRUCTION BY MARKET | Q1 2014 | CANADA
*Victoria, Halifax and Winnipeg report data semi-annually (Q2 and Q4). | Source: Colliers International
-50.9
-23.3
-3.6
0.0
0.0
0.0
0.0
13.0
93.5
227.5
429.2
-100.0 0.0 100.0 200.0 300.0 400.0 500.0
Vancouver, BC
Waterloo Region, ON
Saskatoon, SK
Halifax, NS*
Regina, SK
Victoria, BC*
Winnipeg, MB*
Edmonton, AB
Montréal, QC
Toronto, ON
Calgary, AB
SF (Thousands)
CBD OFFICE ABSORPTION BY MARKET | Q1 2014 | CANADA
*Victoria, Halifax and Winnipeg report data semi-annually (Q2 and Q4). | Source: Colliers International

19. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 19
UNITED STATES | OFFICE INVESTMENT
MARKET
CBD
SALES PRICE
(USD PSF)
CBD
CAP RATE
(%)
SUBURBAN
SALES PRICE
(USD PSF)
SUBURBAN
CAP RATE
(%)
Albuquerque, NM 145.00 9.00 175.00 8.00
Atlanta, GA 125.00 7.90 165.00 7.80
Bakersfield, CA 205.00
Baltimore, MD 164.99 6.50 135.83 10.45
Boston, MA 319.00 6.60 235.00
Charleston, SC 400.00 6.50 240.00 7.50
Chicago, IL 375.00 6.25 225.00 7.50
Cincinnati, OH 125.00 9.75 135.00 9.25
Dallas, TX 62.00 110.00 7.00
Denver, CO 512.46 5.90 133.36 6.82
Detroit, MI** 27.00 41.00 11.60
Fairfield County, CT 139.00 9.00
Fresno, CA 125.00 8.50 160.00 8.00
Ft. Lauderdale-Broward, FL 246.00 154.00
Ft. Worth, TX 125.00 8.00
Houston, TX 335.00 5.30 214.00 7.30
Indianapolis, IN 165.00 8.50 150.00 7.25
Jacksonville, FL 112.00 9.00 125.00 9.76
Las Vegas, NV 127.94
Little Rock, AR 88.00 9.00 117.00 9.00
Long Island, NY* 176.00 8.00
Los Angeles, CA 276.00 6.44
Los Angeles – Inland Empire, CA 200.00 7.50
Miami-Dade, FL 269.00 287.00
Milwaukee, WI 120.00 8.75 110.00 9.00
Minneapolis, MN 149.00 7.50 110.00 6.90
Nashville, TN 250.00 7.10 150.00 7.00
New Jersey – Central 190.02 7.90
New Jersey – Northern 113.18 7.90
New York, NY - Downtown Manhattan 315.00 4.75
New York, NY – Midtown Manhattan 861.00 5.50
New York, NY – Midtown South Manhattan 693.00 4.50
Oakland, CA 270.00 7.00 175.00 8.00
Orange County, CA 217.00 6.14
Orlando, FL 175.00 7.50 136.00 6.00
Philadelphia, PA 162.00 7.80 171.89 7.56
Phoenix, AZ 84.00 7.50 112.00 7.00
Pittsburgh, PA* 85.00 9.00 113.00 8.40
Pleasanton/Tri-Valley, CA 175.62 6.00
Portland, OR* 166.86 6.00
Sacramento, CA 85.24 6.50 70.00 8.20
Pittsburgh, PA 85.00 9.00 113.00 8.40
Portland, OR 166.86 6.00 - -
Sacramento, CA 88.56 7.50 113.47 6.74
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.

20. P. 20 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
Glossary
UNITED STATES | OFFICE INVESTMENT
MARKET
CBD SALES
PRICE
(USD PSF)
CBD
CAP RATE
(%)
SUBURBAN
SALES PRICE
(USD PSF)
SUBURBAN
CAP RATE
(%)
San Diego, CA 170.19 5.90 171.04 6.50
San Francisco, CA 560.00 4.80
San Francisco Peninsula 275.00 7.20
San Jose/Silicon Valley 6.00
Savannah, GA 160.00 9.25 120.00 9.50
Seattle/Puget Sound, WA 389.61 6.38 251.01 7.88
St. Louis, MO 90.00 9.50 135.00 8.50
Stamford, CT 186.00 8.00
Tampa Bay, FL 110.58 7.50 98.41 8.00
Walnut Creek, CA 269.00 5.50 180.00 8.00
Washington, DC 600.00 5.44 300.00 6.23
Westchester County, NY 83.00 8.00
West Palm Beach/Palm Beach County, FL 150.00 187.00
White Plains, NY 93.00 8.00
U.S. AVERAGE* 238.78 7.18 163.73 7.81
*Straight averages used.
CANADA | OFFICE INVESTMENT
MARKET
CBD SALES
PRICE
(CAD PSF)
CBD
CAP RATE
(%)
SUBURBAN
SALES PRICE
(CAD PSF)
SUBURBAN
CAP RATE
(%)
Edmonton, AB 275.23 5.75
Montréal, QC 265.00 6.75 185.00 7.25
Regina, SK 280.00 6.75 200.00 7.25
Saskatoon, SK 306.00 6.75
Vancouver, BC 500.00 5.00 375.00 6.25
Victoria, BC* 325.00 6.20 280.00 6.25
Waterloo Region, ON 111.00 9.18 141.00 7.50
Winnipeg, MB* 150.00 7.25 140.00 7.25
CANADA AVERAGE** 276.53 6.70 220.17 6.96
*Victoria and Winnipeg report semi-annually. Q4 data displayed. **Straight averages used.
Inventory — Includes all existing multi- or single-tenant
leased and owner-occupied office properties greater than or
equal to 10,000 square feet (net rentable area). In some
larger markets this minimum size threshold may vary up to
50,000 square feet. Does not include medical or government
buildings.
Vacancy Rate — Percentage of total inventory physically
vacant as of the survey date, including direct vacant and
sublease space.
Absorption — Net change in physically occupied space over a
given period of time.
New Supply — Includes completed speculative and
build-to-suit construction. New supply quoted on a net basis
after any demolitions or conversions.
Annual Quoted Rent — Includes all costs associated with
occupying a full floor in the mid-rise portion of a Class A
building, inclusive of taxes, insurance, maintenance, janitorial
and utilities (electricity surcharges added where applicable).
All office rents in this report are quoted on an annual, gross
per square foot basis. Rent calculations do not include
sublease space.
Cap Rate — (Or going-in cap rate) Capitalization rates in this
survey are based on multi-tenant institutional grade buildings
fully leased at market rents. Cap rates are calculated by
dividing net operating income (NOI) by purchase price.
NOTE: SF = square feet
MSF = million square feet
PSF = per square foot
CBD = central business district
(continued)
COLLIERS INTERNATIONAL
601 Union Street, Suite 4800
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TEL +1 206 695 4200
FOR MORE INFORMATION
Andrea B. Cross
Office Research Manager | USA
TEL +1 415 288 7892
EMAIL andrea.cross@colliers.com
CONTRIBUTORS
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Chief Economist | USA
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Senior Research Analyst | USA
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Graphic Designer | USA
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Communications Manager | USA
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National Director | GIS & Mapping
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Copyright © 2014 Colliers International.
The information contained herein has been obtained from
sources deemed reliable. While every reasonable effort
has been made to ensure its accuracy, we cannot
guarantee it. No responsibility is assumed for any
inaccuracies. Readers are encouraged to consult their
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material contained in this report.
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